Author Archive for: vishesh
Entries by Vinod Kothari Consultants
New rules of corporate control: Limit on layers of subsidiaries
By CS Vinita Nair, (corplaw@vinodkothari.com) MCA has issued a notification notifying the Companies (Restriction on Number of Layers) Rules, 2017[1], imposing a limit of two layers of subsidiaries which shall be effective from September 20, 2017[2]. Earlier, MCA vide public notice dated 1 June 28, 2017[3] had conveyed its intent of issuing a notification proposing […]
P2P lending comes under the ambit of RBI
By Mayank Agarwal & Anita Baid (finserv@vinodkothari.com) Peer to Peer lending (P2P Lending) is a virtual marketplace which connects borrowers and lenders online by providing quick funds to borrowers and high returns to lenders. The borrower can raise fund by borrowing from a single lender or a group of lenders. The accelerated growth in […]
The Financial Resolution and Deposit Insurance Bill, 2017: Key Highlights
By Nidhi Bothra, (nidhi@vinodkothari.com) In March, 2016 a committee was constituted under the Chairmanship of Mr. Ajay Tyagi to draft and submit a bill on resolution of financial firms. In September, 2016, the Committee submitted its report and bill which was titled as “The Financial Resolution and Deposit Insurance Bill, 2016”[1] (Bill 2016). The […]
Slaying the slain: the law about strike-off of companies
By Nikita Snehil, (corplaw@vinodkothari.com) Striking off of the names of companies for having remained inoperative has been a concept which has always been there, both under the 1956 Act, and under the 2013 Act. Striking-off of defunct companies is a provision in law for chopping the dead wood – if the company has lost its […]
HC disallows parallel proceedings in NCLT and debt recovery tribunal
While the company moved the NCLT on its own seeking to obtain this ‘moratorium’, the guarantors found it an alibi to seek relief from the earlier DRT case – Richa Saraf. Read More
POWER TO ARREST AS PER COMPANIES ACT, 2013
By Smriti Wadehra, (corplaw@vinodkothari.com). The Companies Act, 2013 (‘Act’) empowers the Central Government to inspect the books of accounts of a company, to direct special audit, to order investigation into the affairs of a company and to launch prosecution for violation of the Act. These inspections are designed to ensure that the companies conduct their affairs […]
FAQs on Ind AS 116: The New Lease Accounting Standard
By Vijaylakshmi Agarwal (finserv@vinodkothari.com) Understanding Impact What is this new Standard all about, in brief? The standard provides a new method for lease accounting. Ind AS 116 is largely converged with IFRS 16 Leases. Ind AS is expected to replace Ind AS 17 WEF from its proposed effective date being for annual periods beginning on […]
SEBI aborts brightening of fine lines of control
By CS Vinita Nair, (finserv@vinodkothari.com) SEBI at its Board meeting held on March 12, 2016[1] discussed and decided on several important matters, one of them being approving for initiation of public consultation process regarding Bright line Tests for Acquisition of ‘Control’ under the SEBI (SAST) Regulations, 2011[2] (SAST). Acquisition of control, in case of listed […]